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Streets and Highways Code, inasmuch as certain facilities <br />included in the improvement are to be under their ownership, <br />management and control. <br /> <br /> Serial bonds representing unpaid assessments, and <br />bearing interest at a rate not to exceed twelve percent (12%) <br />per annum, will be issued in the manner provided by the <br />Improvement Bond Act of 1915 (Division 10, Streets and Highways <br />Code), and the last installment of the bonds shai~ mature a <br />maximum of nineteen (19) years from the second day of July next <br />succeeding ten (10) months from their date. <br /> <br /> It is the intention of this Council to accomplish the <br />work of improvement in increments as may be required, in the <br />sole judgment of the Council, by the pa~e of land development <br />within the assessment district. Further, it is the intention of <br />the Council to issue improvement bonds in increments as may be <br />necessary to fund the cost and expenses of work undertaken from <br />time to time, all of such bonds to be equal in priority although <br />bearing various dates of issuance; but no bonds shall be issued <br />more than ten (10) years after the date of the first bonds <br />issued under this resolution. If the total amountOf issued <br />bonds within said ten-year period shall be less than the amount <br />authorized under these proceedings, the assessments shall be <br />reduced to accord with the amount of bonds actually issued. <br /> <br /> The Council reserves the right to create zones of <br />benefit within the assessment district, such that bonds issued <br />to accomplish work benefiting a particular zone will be repaid <br />through ~he collection of assessments within that zone only; but <br /> <br /> <br />